Quick question for you all: suppose I have considerable student debt from high school (boarding school isn't cheap y'know). If I decide to join the military after graduation, would they help me pay off this debt or am I on my own?
Yes, the military may indeed help pay off your student debt. They offer numerous student loan forgiveness and repayment programs. The specifics of these programs can vary in terms of service branch, needed skill sets, and whether you're an enlisted soldier or an officer.
For enlisted soldiers, the Army offers the Loan Repayment Program (LRP), which can pay up to $65,000 of certain types of student loans. For officers, the Army offers the Judge Advocate General (JAG) Corps Loan Repayment program which provides up to $65,000 towards student loans over a three-year period.
The Navy also has their own Student Loan Repayment Program for enlisted personnel, which, similar to the Army, provides up to $65,000 for certain types of student loans. Certain types of officers, such as those with medical degrees, might qualify for their Health Professions Loan Repayment Program.
As for the Air Force, they have the Judge Advocate General's office Student Loan Repayment Program, which pays back $65,000 of student debt for officers. Enlisted airmen, however, don't have a standard student loan repayment program.
The National Guard offers Student Loan Repayment Program as well, paying up to $50,000 for certain types of student loans.
Remember that these benefits may come with strings attached, including minimum enlistment terms and other eligibility requirements. Do also verify if these programs cover high school boarding school debts, as not all loan types qualify for military loan repayment programs. For detailed and personalized information, reaching out to a military recruiter or financial advisor might be beneficial. They'll be able to explain the specifics and help you make an informed decision.
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